Held on 28 April 2016
Idea Cellular announced that the Board of Directors of the Company at its meeting held on 28 April 2016 has decided to consolidate its business of providing tower infrastructure services through approximately 7997 telecom towers that it owns and operates across India (Tower Infrastructure Undertaking) with its wholly owned subsidiary, Idea Cellular Infrastructure Services (ICISL) which is engaged in the business of providing tower infrastructure services in Bihar and Orissa.To implement this transaction, a business transfer agreement will be executed between the Company and ICISL. ICISL will issue approximately 10,000 equity shares to the Company in consideration for the Tower Infrastructure Undertaking.
The transfer of the Tower Infrastructure Undertaking to ICSL is expected to be completed within 3 to 6 months subject to obtaining requisite regulatory approvals.
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